Insurance industry is a field with many repetitive tasks. Robotic Process Automation (RPA) offers a wide range of opportunities for automation of tasks in the insurance industry. RPA software robots can be used for insurance automation, integration to legacy systems, automation of repetitive tasks, and collection of data. They can help increasing productivity and creating a better customer experience. Let’s review how RPA systems can be integrated into the insurance industry with examples.
Insurance is a process consisting of data collection from multiple resources in order to evaluate risks related to the policy issued. This process may take 3-4 weeks on average. RPA software robots can collect and process correct data from both internal and external websites automatically and much more quickly. Reminder e-mails can be sent automatically for tasks such as renewal or cancellation of policies. Therefore, insurance creation and cancellation can be performed more quickly and without any errors. These quick procedures increase customer satisfaction.
In the insurance industry, there are many instances where data such as offers and insurance claims are entered into the system manually. This is an expensive process that takes a long time. Performing this process manually may cause inconsistencies and errors in data. With RPA software robots, manual data entry can be performed quickly with a single triggering.
Insurance agencies work with many compliance standards, confidentiality rules, tax laws, etc., which continue to change over time. These compliance standards are followed to protect business operations. It is very easy to adhere to compliance standards with RPA software. Changes in these standards can be followed and easily adapted to insurance policies by RPA systems, which releases the employees from the burden of following legal processes.
Many insurance agencies continue to use legacy systems to be able to manage their processes. Integration of RPA software and legacy systems is very easy now! RPA software can be easily integrated into existing systems, and enable communication between systems. Moreover, new technologies such as image classification for claims in the insurance industry and text analytics for handling customer inquiries can be adapted to legacy systems thanks to RPA systems.
RPA makes a revolution in the insurance industry with its capabilities! Insurance industry will witness tremendous changes soon, not only reducing the workload and cost of operations but also increase customer satisfaction with RPA applications. Contact us if you want to be part of this change and get more information on Robomotion Insurance solutions.